Are article 9 funds superior? A comprehensive empirical analysis of the SFDR regulation on its efficacy, flows and performance

This master's dissertation examines the impact of the Sustainable Finance Disclosure Regulation (SFDR) on mutual equity funds domiciled in the Eurozone, specifically those governed by Article 9, and the ensuing behavioural repercussions on investors. This academic endeavour contributes to the growing empirical evidence positing the SFDR regulation as an effective bulwark against greenwashing. This is substantiated through the analysis of cross-sectional data procured from two independent ESG data providers, Refinitiv and MSCI, demonstrating that funds governed by Article 9 consistently deliver superior ESG metrics. Further, this dissertation probes the propensity of investors to allocate a greater quantum of capital towards Article 9 funds and ventures into a detailed analysis of the inherent characteristics of these investors. Utilising a panel data dataset and deploying a difference-in-differences model revealed that investors demonstrate a preference for Article 9 funds preceding the final implementation date of 10th March 2021. Additionally, these investors exhibit signs of higher resilience. Lastly, this research assesses performance disparities by deploying the Fama and French 3-Factor Model. The analysis suggests that Article 9 funds are characterised by heightened factor exposure to growth investments. Nevertheless, during the observation period spanning 2018 to 2022, SFDR 9 funds do not exhibit a positive alpha. However, when assessed through a difference-in-differences lens, these funds demonstrate a significantly higher alpha than their counterparts.Esta dissertação analisa o impacto do Regulamento relativo à divulgação de informações sobre finanças sustentáveis (Sustainable Finance Disclosure Regulation - SFDR) nos fundos de investimento em ações da zona euro, especificamente nos fundos regidos pelo Artigo 9. Esta tese contribui para as crescentes provas empíricas que apontam o regulamento SFDR como um baluarte eficaz contra greenwashing. Isto é comprovado através da análise de dados transversais obtidos de dois fornecedores independentes de dados ESG, Refinitiv e MSCI, demonstrando que os fundos regidos pelo Artigo 9 consistentemente alcançam métricas ESG superiores. Além disso, esta dissertação investiga a propensão dos investidores para afetarem um maior volume de capital aos fundos do Artigo 9 e analisa as características inerentes a estes investidores. A utilização de um conjunto de dados de painel e a aplicação de um modelo de diferenças em diferenças revelaram que os investidores demonstram uma preferência pelos fundos do Artigo 9 antes da data de implementação final de 10/03/2021. Além disso, estes investidores apresentam sinais de maior resiliência. Por último, este estudo avalia as disparidades de desempenho através da aplicação do modelo de 3-fatores de Fama e French. A análise sugere que os fundos do Artigo 9 se caracterizam por uma maior exposição a fatores de investimento em crescimento. Ainda assim, durante o período de observação de 2018-2022, os fundos SFDR 9 não apresentam um alfa positivo. No entanto, quando avaliados através de uma lente de diferença nas diferenças, estes fundos demonstram um alfa significativamente mais elevado do que os seus homólogos

A Phase II Study to Evaluate the Safety and Efficacy of Prasinezumab in Early Parkinson's Disease (PASADENA) : Rationale, Design, and Baseline Data

Altres ajuts: F. Hoffmann-La Roche Ltd.Background: Currently available treatments for Parkinson's disease (PD) do not slow clinical progression nor target alpha-synuclein, a key protein associated with the disease. Objective: The study objective was to evaluate the efficacy and safety of prasinezumab, a humanized monoclonal antibody that binds aggregated alpha-synuclein, in individuals with early PD. Methods: The PASADENA study is a multicenter, randomized, double-blind, placebo-controlled treatment study. Individuals with early PD, recruited across the US and Europe, received monthly intravenous doses of prasinezumab (1,500 or 4,500 mg) or placebo for a 52-week period (Part 1), followed by a 52-week extension (Part 2) in which all participants received active treatment. Key inclusion criteria were: aged 40-80 years; Hoehn & Yahr (H&Y) Stage I or II; time from diagnosis ≤2 years; having bradykinesia plus one other cardinal sign of PD (e.g., resting tremor, rigidity); DAT-SPECT imaging consistent with PD; and either treatment naïve or on a stable monoamine oxidase B (MAO-B) inhibitor dose. Study design assumptions for sample size and study duration were built using a patient cohort from the Parkinson's Progression Marker Initiative (PPMI). In this report, baseline characteristics are compared between the treatment-naïve and MAO-B inhibitor-treated PASADENA cohorts and between the PASADENA and PPMI populations. Results: Of the 443 patients screened, 316 were enrolled into the PASADENA study between June 2017 and November 2018, with an average age of 59.9 years and 67.4% being male. Mean time from diagnosis at baseline was 10.11 months, with 75.3% in H&Y Stage II. Baseline motor and non-motor symptoms (assessed using Movement Disorder Society-Unified Parkinson's Disease Rating Scale [MDS-UPDRS]) were similar in severity between the MAO-B inhibitor-treated and treatment-naïve PASADENA cohorts (MDS-UPDRS sum of Parts I + II + III [standard deviation (SD)]; 30.21 [11.96], 32.10 [13.20], respectively). The overall PASADENA population (63.6% treatment naïve and 36.4% on MAO-B inhibitor) showed a similar severity in MDS-UPDRS scores (e.g., MDS-UPDRS sum of Parts I + II + III [SD]; 31.41 [12.78], 32.63 [13.04], respectively) to the PPMI cohort (all treatment naïve). Conclusions: The PASADENA study population is suitable to investigate the potential of prasinezumab to slow disease progression in individuals with early PD. Trial Registration: NCT03100149